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Fixed assets

saurabh gupta (66 Points)

07 September 2020

can we claim ITC and depriciation both on fixed assets.

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 07 September 2020

Yes, you can claim..
You can claim ITC of GST Paid
and Depreciation on Fixed Assets on amount excluding GST which is capitalised to books of account, if not blocked u/s 17(5) of CGST Act, 2017.
E.g. Fixed Assets of Value 1,00,000 with GST 12% total 1,12,000 Purchased than..
In this case You can Claim 12,000 GST as ITC and remaining 1,00,000 to be capitalised as fixed assets in books of account and can claim depreciation on that 1,00,000 at prescribed rate.

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saurabh gupta (66 Points)
Replied 07 September 2020

Thanku

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 07 September 2020

Welcome...............

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